Synopsis of Services

The following is a list of many of the management services that TMC Management Corporation provides for their clients.  Our management services, however, are not limited to these areas and we would be happy to design a management program that will suit your specific needs. For information on additional services click here.

 Property Supervision

A.     TMC Management Corporation will provide an experienced professionally trained property manager to oversee all aspects of the operations of your investment.

B.      The property manager will make visits to and inspections of the investment on a     regular basis. At minimum, our managers visit each property twice per week.  We will provide written reports of said inspections on a quarterly basis if desired.

Income Collection

A.        TMC Management Corporation will provide for the collection of all rental income, as well as all extraordinary items such as security deposits, cleaning deposits, credit check fees, laundry and/or vending machine income.  TMC Management Corporation will verify the timely collection of all income items. 

B.        Should a delinquency occur, it is the policy of our Company to serve any resident who has not paid by the fourth day of any month with a Five Day Notice to Pay Rent or Quit.  Further, if the rent is not paid within said five day period, TMC Management Corporation, or the on-site manager will proceed to have an unlawful detainer action filed with respect to delinquency, and to coordinate all legal action to enforce collection of the account and/or regain possession of the unit.

 

Maintenance and Sub-Contractor Supervision

A.        TMC Management Corporation will have responsibility for the supervision and control of all maintenance personnel. TMC Management Corporation will have the ultimate responsibility for the approval of and implementation of all repairs, replacements and maintenance expenditures, and will be responsible for the supervision of all personnel involved in this function. 

B.        TMC Management Corporation will establish and prepare, as necessary, specifications for work to be done by maintenance companies, and/or maintenance employees and personnel.  TMC Management Corporation will then verify that the work has been completed pursuant to preset standards.  Where the work required involves the solicitation of several bids, TMC Management Corporation will prepare the specifications for said bids and then supervise the obtaining of work proposals.  If the scope of the work is within the pre-established approval limits, TMC Management Corporation will choose the appropriate contractor and award the bid.  Where the scope of the work exceeds the pre-established approval limit, TMC Management Corporation will evaluate all bids and advise and assist the Owner in the choosing of the most appropriate contractor.

 C.       During performance and upon subsequent completion of the contract work, TMC Management Corporation will monitor and inspect said work to verify that all specifications of the work are in compliance with the original written contract. 

D.        As an added measure of protection, TMC Management Corporation requires all vendors to be appropriately licensed to do business in the jurisdiction and be adequately insured . 

E.        As part of TMC Management Corporation's service, we are constantly searching for and evaluating maintenance personnel to provide our Owners with the highest quality service at the lowest possible prices.  Also, as any vendor, maintenance company or contractor completes work, we are constantly evaluating that work to verify that it meets the standards of the property as set by the Owner and TMC Management Corporation.

Disbursements

A.        TMC Management Corporation will receive all billings on behalf of the Owner, and will be responsible for verifying the accuracy of said billing, verifying that the charges are consistent with pre-agreed to estimates, and that the work has been completed correctly and completely. 

B.        From the funds of the building, as agreed to by the Owner, TMC Management Corporation will pay such expenses, billings and claims on a timely basis.

Insurance Review

A.        TMC Management Corporation will, upon its employment and if requested by the Owner, review all insurance policies in place with respect to the investment, and will further make an independent assessment as to the needs of the Owner with respect to insurance coverage. 

B.        TMC Management Corporation will, if it deems necessary, make a complete written report to the Owner on existing or recommended insurance coverage modifications or changes. 

C.        If warranted, upon the direction of the Owner, TMC Management Corporation will obtain proposals for the most economical acquisition of  insurance coverage.

 Ad Valorum Tax Review

A.        TMC Management Corporation will upon its employment review all property tax liabilities and will further make an assessment as to the need of any possible appeal of the liability.

B.        TMC Management Corporation will, if deemed necessary, make a complete written report to the Owner outlining the reasons for and procedures required to obtain such reductions in tax liabilities.

Financial Reporting and Budgeting

A.        On a monthly basis, TMC Management Corporation will provide a comprehensive report to the Owner outlining all financial activities of the property for the prior month.  This report will include, at minimum the following: 

                        1.         Operating Statement

                        2.         Budget Comparison

                        3.         Balance Sheet

                        4.         Cash Disbursement Register

                        5.         Bank Reconciliation

                        6.         General Ledger           

The above is a listing of those items normally provided to Owners.  However, since all reports are computer generated through our in-house computer facilities, TMC Management Corporation is able to generate custom reports to satisfy any individual or special needs, which the Owner might require.

B.        In December of each year, TMC Management Corporation will prepare an operating budget covering the up-coming year for the property, indicating our analysis of the property and forecasting, to the best of our ability, the expected income and expense performance of the property for the succeeding year.

C.        At the end of each fiscal year TMC Management Corporation will provide to the Owner, or his accountant, all documentation necessary to assist the Owner in the preparation of the year end tax report, to be used for income tax filings. 

D.       TMC Management Corporation automatically retrieves from each property specific reports on a nightly basis for review by the executive team each morning.  Trends are continually monitored and immediate corrective action taken if warranted.

Communication

A.        TMC Management Corporation will remain available at all times to communicate with the Owner, in an effort to provide him or her with all information and data necessary to remain completely informed as to all matters concerning the operation of the property. 

B.        With respect to the on-site manager, TMC Management Corporation's executives and representatives are all available at any time, to work with and assist the on-site management team.  As indicated, each property is assigned to a specific property manager who has ongoing, daily responsibility for the operation and performance of each property. 

C.        TMC Management Corporation maintains a 7-day a week, 24-hour a day answering service, which enables us to access all managers employed by the Company, as well as the officers of the company, so that in case of an emergency an appropriate company representative will be contacted. 

D.        TMC Management Corporation schedules manager meetings on a monthly basis in order to exchange information and experience on various subjects relating to the overall performances of each investment.

Compliance and Legal

A.        TMC Management Corporation is an Accredited Management Organization, a designation from the Institute of Real Estate Management (IREM®), a highly respected institution in the management industry. It is a member of the The Greater Las Vegas Association of Realtors, and the National Association of Realtors. The Company is a member of the Apartment Association of the Greater Los Angeles, as well as the Nevada Apartment Association.   Through our involvement with these groups we keep abreast of the ever-changing requirements pursuant to City, State and Federal ordinances, statutes and laws.  Further, where appropriate, we will monitor any extraordinary statutes or requirements and incorporate them within our operation and reporting with respect to the specific property. 

B.        TMC Management Corporation prides itself on its association with quality law professionals specializing in all aspects of landlord/tenant law and real estate law.  Where desired, TMC Management Corporation will be happy to recommend appropriate legal counsel for any specific situation.  

C.        With respect to employee reporting requirements, TMC Management Corporation maintains all employee records and will be responsible for the processing of all employee payroll and withholding charges and expenses, and quarterly and annual reporting. 

D.        TMC Management Corporation requires extensive credit and criminal history checks prior to employment at any TMC Managed community.  All candidates for employment are scheduled for two separate interviews with different individuals within our organization to ensure the employment of highly qualified capable individuals. 

E.         TMC Management Corporation ensure complete and comprehensive compliance to the OSHA mandated “Safety in the Workplace” requirements through our Safety Manual and monthly scheduled training meetings. 

Fees for Services and Cost Reimbursements

A.         Fees:   TMC Management Corporation will provide the aforementioned services for a percentage of the monthly gross collected income of the property.  This fee is negotiated on a case-by-case basis. 

B.        Payroll Services:       Where TMC provides payroll services it will charge a fee of the greater of 3% of the total payroll liability, including taxes, or $35.00 per payroll period. 

C.        Additional Services: Fees for additional services will be charged based on negotiated contracts.  These services include loan brokerage, construction management, feasibility studies etc. 

D.        Reimbursements:  The above fees do not include expenses incurred by TMC Management Corporation for the direct benefit of the property.  These expenses, such as postage, office supplies, Federal Express, and so forth will be reimbursable to TMC Management Corporation at their actual cost.